Rare Nike trainers break world auction record by selling for £350,000

A pair of rare Nike trainers have broken a new world auction record after selling for almost half a million dollars.

A spokesperson from the Sotheby's and Stadium Goods' auction announced that the 1972 Nike Waffle Racing Flat “Moon Shoe” had been sold for $437,500 (£351,740). The trainers surpassed their original pre-sale price of $160,000 dollars (£128,630).

The previous world auction record for a pair of trainers – signed Converse worn by Michael Jordan in the 1984 Olympic basketball final – was set in 2017 for $190,373 dollars (£153,050).

Miles Nadal, the winner of the Nike shoes, also purchased the other 99 lots in the auction of a variety of rare trainers. Nadal is the founder and executive chairman of Peerage Capital, an American private investment firm.

Nadal had offered to buy all 100 lots, but the auction house and Stadium Goods wanted keep the pair of Nike racing trainers available for public auction.

The shoe was one of the first to be created by Bill Bowerman, Nike’s co-founder, and designed for runners competing in the 1972 Olympic trials.

The designer was inspired to create the shoe, which features a waffle sole traction pattern, by experimenting with his wife’s waffle iron and pouring rubber into the mould.

The "Moon Shoe" got its name from its resemblance to the "waffle" pattern left in the soil when running that looked like famous tracks left on the moon by astronauts in 1969.

Only 12 versions of the shoe were created and it is believed that only a few are still in existence. They were handmade by Geoff Hollister, one of the company’s first employees.

"I am thrilled to acquire the iconic Nike 'Moon Shoes," one of the rarest pairs of sneakers ever produced, and a true historical artefact in sports history and pop culture,” Nadal told Sotheby's.

"When I initially acquired the 99 other pairs in this auction last week, I just knew the Nikes had to remain part of this remarkable collection, and I couldn't be happier with the result.”

The bidder added that he thinks “sneaker culture” is “on the verge of a breakout moment”.

The trainer collector said he plans to display the Nike shoes alongside his collection of classic cars at his private museum in Toronto, Canada. He wants to opening the museum to friends, family and charitable organisations.

Noah Wunsch, Sotheby's global head of e-commerce, said of the auction record: "We are excited the iconic Nike Moon Shoe achieved more than double the previous world auction record for a sneaker today.

"We're extremely pleased that all 100 pairs of this exceptional selection of rare sneakers will remain together with Miles in his private museum."

News of the auction comes weeks after a streetwear auction site removed a pair of controversial Nike trainers from sale, explaining that the product did not reflect the company's "value system".

Earlier this month, it was announced that Nike had cancelled the release of a pair of Air Max 1 trainers designed in celebration of Independence Day in the US.

The design had reportedly been dubbed offensive by former NFL quarterback Colin Kaepernick for featuring an early version of the American flag designed by Betsy Ross.

The early design of the flag – which features 13 stripes and 13 stars as a representation of the original US colonies – caused controversy due to its associations with slavery.

Despite being removed from sale by Nike, the trainers were still being sold on StockX.com for up to $2,500 (£1,988), approximately 20 times the product's retail price.

Scott Cutler, CEO of StockX.com, later announced that the site had removed the trainers from sale.